Abstract: After the subprime mortgage crisis, many monetary authorities such as the Federal Reserve choose counter-cycle monetary policy to promote the economic growth. With the data of listed companies from 2004-2012, this paper analyzes the impact of monetary policy on enterprise risk management. The empirical results show that monetary policy has risk transmission effect on real economy. Easy monetary policy reduces the efficiency of enterprise risk management, and thus increases the credit risk of banks. Tight monetary policy stimulates the enterprise to increase the efficiency of enterprise risk management. The risk transmission effect of monetary policy is greater during the decline period than the flourishing period.

摘要： 次贷危机爆发后，以美联储为代表的许多国家货币当局纷纷采用逆周期货币政策，以刺激经济增长。本研究以2004-2012年上市公司数据实证分析了货币政策对企业风险管理的影响，结果表明货币政策对实体经济存在风险传导效应：宽松货币政策下企业风险管理效率降低，银行信贷风险增加；紧缩货币政策下，企业风险管理效率提高。经济下行时期货币政策的风险传导效应强于经济上行时期的风险传导效应。